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Fresh Veggies, Inc. (FVI), purchases land and a warehouse for $400,000. In addition to the purchase price, FVi makes the following expenditures related to the acquisition: broker's commission, $20,000: title insurance, $1,000, and miscellaneous closing costs, $4,000. The warehouse is immediately demolished at a cost of $20,000 in anticipation of building a new warehouse. Determine the amount FVI should record as the cost of the land. Cost of the land Hawaiian Specialty Foods purchased equipment for $10,000. Residual value at the end of an estimated four-year service life is expected to be $1,000. The machine operated for 1,500 hours in the first year, and the company expects the machine to operate for a total of 10,000 hours Calculate depreciation expense for the first year using each of the following depreciation methods: (1) straight line. (2) double- declining balance, and (3) activity-based. (Do not round your intermediate calculations.) Depreciation Expense (1) Straight-line (2) Double-declining-balance (3) Activity-based Mainline Produce Corporation acquired all the outstanding common stock of Iceberg Lettuce Corporation for $41000,000 in cash. The book values and fair values of Iceberg's assets and liabilities were as follows: Current assets Property, plant, and equipment Other assets Current liabilities Long-term liabilities Book Value Fair Value $11,000,000 $14,000,000 26,400,000 32,400,000 2.600,000 3,600,000 7.000.000 7,000,000 12,000,000 11,000,000 Required: Calculate the amount paid for goodwill. (Enter your answer in millions (le 5,000,000 should be entered as 5).) Amunt paid for goochell million Check my w Listed below are several terms and phrases associated with operational assets. Select the term that is most appropriately associated with it. . b d. Exclusive night to display a word, a symbol, or an emblem Exclusive night to benefit from a creative work Assets that represent contractual nights Oil and gas deposits timber tracts, and mineral deposits Purchase price less fair value of net identifiable assets The allocation of cost for plant and equipment The allocation of cost for intangible assets e 1 g 6 Several years ago, Hrant Services acquired anelcocter for use in emergency situation Required: Select whether Health Services should capitalize or expense each of the following expenditurested to the helicopter delivery operations in the current year 10 po Over Swak 1 weddwl fortes Opera Today Addon 5.000 Moto reduce the 15.000 Powic w heyrt 50 000 Bumm.co.000 PY Required information [The following information applies to the questions displayed below.) University Car Wash built a deluxe car wash across the street from campus. The new machines cost $246,000 including installation. The company estimates that the equipment will have a residual value of $27,000. University Car Wash also estimates it will use the machine for six years or about 12,000 total hours. Actual use per year was as follows: Year 1 2 3 4 5 6 WN Hours Used 2,800 1,900 2,000 2,000 1,800 1,500 Required: 1. Prepare a depreciation schedule for six years using the straight-line method. (Do not round your intermediate calculations.) UNIVERSITY CAR WASH Depreciation Schedule-Straight-Line End of year amounts Depreciation Accumulated Book Value niraintina Year ======== 90 of 12 9 My Drive - Google D. Nuoodle ducation.com Student Services Class AC205 in Co Principles of Econo ework Saved Help S: Required information {The following information applies to the questions displayed below.) University Car Wash built a deluxe car wash across the street from campus. The new machines cost $246,000 including installation. The company estimates that the equipment will have a residual value of $27,000. University Car Wash also estimates it will use the machine for six years or about 12,000 total hours, Actual use per year was as follows: Year 1 2 3 4 AN Hours Used 2,800 1, 900 2,000 2,000 1,800 1,500 6 2. Prepare a depreciation schedule for six years using the double-declining-balance method. (Do not round your intermediate calculations.) UNIVERSITY CAR WASH Depreciation Schedule-Double-Declining-Balance End of year amounts Depreciation Accumulated Book Value Finance Donnerstin Year co 8 9 Required information [The following information applies to the questions displayed below.) University Car Wash built a deluxe car wash across the street from campus. The new machines cost $246,000 including installation. The company estimates that the equipment will have a residual value of $27,000. University Car Wash also estimates it will use the machine for six years or about 12,000 total hours. Actual use per year was as follows: Year 1 2 3 4 5 Hours Used 2,800 1, 900 2,000 2,000 1,800 1,500 3. Prepare a depreciation schedule for six years using the activity-based method. (Round your "Depreciation Rate" to 2 decir places and use this amount in all subsequent calculations.) UNIVERSITY CAR WASH Depreciation Schedule Activity-Based End of year amounts Required information {The following information applies to the questions displayed below.) Papa's Pizza is the market leader and Pizza Prince is an up-and-coming player in the highly competitive delivery pizza business. The companies reported the following selected financial data ($ in thousands): Net sales Net income Total assets, beginning Total assets, ending Papa's Pizza Pizza Prince $25,728 $3,435 3,823 289 16,598 1,079 17,065 2,757 Required: 1. Calculate the return on assets.profit margin, and asset turnover ratio for Papa's Pizza (Enter your answers in thousands of dolle (1.e. 123,000 should be entered as 123).) Return on Assets Choose Denominator Return on Assets Choose Numerator Return on assets n. of 12 Required information {The following information applies to the questions displayed below.) Papa's Pizza is the market leader and Pizza Prince is an up-and-coming player in the highly competitive delivery pizza business. The companies reported the following selected financial data ($ in thousands): Net sales Net income Total assets, beginning Total assets, ending Papa's Pizza $25,728 3,823 16,598 17.065 Pizza Prince $3,435 289 1,079 2.757 2. Calculate the return on assets, profit margin, and asset turnover ratio for Pizza Prince. (Enter your answers in thousands of dolle (i.e. 123,000 should be entered as 123).) Return on Assets Choose Denominator Choose Numerator Return on Assets Return on assets Profit Margin Required information [The following information applies to the questions displayed below.) Papa's Pizza is the market leader and Pizza Prince is an up-and-coming player in the highly competitive delivery pizza business. The companies reported the following selected financial data ($ in thousands) Papa's Pizza Pizza Prince Net sales $25,728 $3,435 Net income 3,823 289 Total assets, beginning 16,598 1,079 Total assets, ending 17,065 2,757 3-a. Which company has the higher profit margin? O Papa's Pizza O Pizza Prince 3-b. Which company has the higher asset turnover? Papa's Pizza Pizza Prince CO 12